Westwood shares up on deal to buy Salient's asset management unit

Westwood Holdings

26/05/2022 15:46

** Shares of investment manager Westwood Holdings  WHG.N  up
5.1% at $14.91
    ** Stock sees biggest intraday pct gain since January
    ** Co says will buy investment firm Salient Partners' asset
management business in a deal valued at up to $60 mln
 urn:newsml:reuters.com:*:nGNX144Dj9
    ** WHG to pay $35 mln upfront with deferred payments of up
to $25 mln over several years, if certain revenue retention and
growth targets are met
    ** Salient has $4.5 bln of assets under management and the
deal will increase WHG's AUM by 32%
    ** WHG says it is aiming to expand its presence in energy
infrastructure and real estate investments
    ** Deal expected to close before end of 2022, WHG adds
    ** YTD, WHG shares are down 12%

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))